紫金矿业发生2笔大宗交易 合计成交1.13亿元 紫金矿业3月18日大宗交易平台共发生2笔成交，合计成交量638.84万股，成交金额1.13亿元。成交价格 均为17.76元。从参与大宗交易营业部来看，机构专用席位共出现在1笔成交的买方或卖方营业部中，合 计成交金额为1.07亿元，净买入1.07亿元。 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为5.45亿元。 证券时报·数据宝统计显示，紫金矿业今日收盘价为17.76元，上涨3.20%，日换手率为1.24%，成交额为 45.21亿元，全天主力资金净流入3.65亿元，近5日该股累计上涨7.77%，近5日资金合计净流入10.39亿 元。 3月18日紫金矿业大宗交易一览 | | 成交金额 （万元） | 成交价 格 （元） | 相对当日收盘 折溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | 10656.00 | 17.76 | 0.00 | 机构专用 | 国泰君安证券股份有限公司总部 | | 38.84 | 689.80 | 17.76 | 0.00 | 中信证券股份有限 ...

紫金矿业 20250315 摘要 • 紫金矿业通过海内外并购迅速成长，至 2023 年铜产量全球第五，黄金产 量全球第七，拥有显著的铜、金和碳酸锂储量。受益于铜价上涨和产量增 长，2021 年至今利润复合增速达 50%，2024 年净利润预计 320 亿元， 同比增长 50%。 • 紫金矿业规划到 2028 年铜产量达 150-160 万吨，黄金 100-110 吨，碳 酸锂 25-30 万吨，提前实现目标。2025 年预计铜产量 115 万吨，黄金 85 吨，碳酸锂因锂价下调至 4 万吨。卡莫拉项目电力问题导致铜产量预期 下调。 • 紫金矿业在低品位矿山开采方面经验丰富，具备全流程管理能力，能有效 缩短建设周期、提前投产并节约成本。通过收购亏损项目并提升效益，如 波尔铜矿和苏里南罗罗斯贝尔金矿，实现盈利回升或扭亏为盈。 • 紫金矿业未来几年将继续提升投资与产量，预计年复合增速约为 10%，黄 金业务增速约为 7%-8%。金价上涨及毛利占比提升将显著增强公司的估 值与利润弹性，有望迎来估值与业绩双升。 • 紫金矿业铜 C1 成本和黄金全维持成本均处于全球前 20%分位，具备明显 成本优势。通过持续收并购优质项 ...

证券研究报告 紫金矿业 (2899 HK/601899 CH) 成长性仍强，看好估值提升 | 华泰研究 | | | 深度研究 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 16 日│中国内地/中国香港 | 有色金属 | 量价齐升预期下，我们估计公司未来几年业绩将持续增长（25-28 年归母净 利 CAGR 14%）、并看好估值提升（25 年目标估值 15X），对应 A/H 目标价 21.99 元/21.36 港元，均维持"买入"评级。 外在竞争力：量与成本优势凸显 量方面，公司成长性强，20-24 年矿产铜产量 CAGR 24%，增速领先大部 分全球头部铜矿企业；2020-2024 年矿产金产量 CAGR 12%，增速在全球 主要金矿企业中亦位列前茅；24-28 年继续规划铜/金产量 CAGR 均 8-10%； 且兑现能力佳，14-23 年铜/金产量规划平均完成率分别为 104/96%。同时 公司具备较强的高性价比并购及内生资源裂变能力，23 年铜/金资源量较 14 年翻了 6/3 倍。成本方面，技术领先+低成本收矿+优异的成本控制，使得公 司矿产铜、矿产金成本均位 ...

Investment Rating - The report maintains a "Buy" rating for the company, Zijin Mining [6][7]. Core Views - Zijin Mining is positioned as a leading global mining company with significant reserves of copper, gold, lithium, and molybdenum. The company aims to achieve its key economic targets two years ahead of schedule, with copper production expected to reach 1.5-1.6 million tons and gold production 1-1.1 million tons by 2028 [6][7]. - The company has demonstrated strong growth potential, with a compound annual growth rate (CAGR) of 23% for copper and 8% for gold production over the past decade [34][38]. - Zijin Mining's strategy includes both external acquisitions and internal exploration, leading to rapid resource growth. The company has successfully acquired several mines during periods of low commodity prices, enhancing its production capacity [6][34]. Summary by Sections 1. Global Copper and Gold Leader - The company ranks fifth globally in copper production and seventh in gold production, with significant reserves of 32.9 million tons of copper and 1,119.6 tons of gold as of mid-2024 [15][20]. - The company has ambitious plans to increase its production capacity significantly by 2028, aiming for a total output of 1.5-1.6 million tons of copper and 100-110 tons of gold [26][27]. 2. Strong Low-Grade Ore Processing and Large-Scale Construction - Zijin Mining has a mature experience in low-grade ore mining and a strong capability in integrated large-scale development, which allows for shorter construction periods and lower costs [28][29]. - The company has seen a substantial increase in its copper and gold resource volumes, with a 10-year CAGR of approximately 22% for copper and 12% for gold [34][38]. 3. Focus on Copper and Gold Mining Regions - The company is expanding its copper production through several major projects, including the second phase of the Jilong Copper Mine and the Kamoa Copper Mine, which are expected to significantly boost output [49][50]. - In the gold sector, Zijin Mining is actively acquiring and upgrading existing mines, with several projects expected to enhance gold production in the coming years [59][60]. 4. Financial Performance and Projections - The company is projected to achieve net profits of approximately 31.97 billion, 38.89 billion, and 44.39 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 14, 11, and 10 [6][7][22]. - The report highlights a strong cash flow position, with operating cash flow increasing from 8.6 billion yuan in 2016 to 36.1 billion yuan in the first three quarters of 2024 [34]. 5. Market Dynamics and Price Trends - The report anticipates a long-term upward trend in gold prices due to geopolitical factors and a shift in central bank purchasing behavior, while copper prices are expected to remain strong due to supply constraints [6][7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年3月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | ...

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Year**: 2024 Key Financial Performance - **Net Profit**: Zijin Mining achieved a net profit of 32 billion yuan, representing a year-on-year increase of 51.5% [4] - **Copper Production**: The company produced 1.07 million tons of copper, 730,000 tons of zinc, and 436 tons of silver, aligning with initial production guidance [4][3] Cost Control and Profitability - **Cost Management**: Significant achievements in controlling costs for gold, copper, and zinc, reversing the trend of rising costs seen in previous years [3] - **Copper Smelting Self-Sufficiency**: The smelting self-sufficiency rate exceeded 100%, with annual production between 700,000 to 800,000 tons, which is higher than copper ore production [4][5] Strategic Expansion - **Acquisition of Zangge Mining**: The acquisition of Zangge Mining's controlling stake aims to secure 30% of the Jilong Copper Mine, enhancing resource control and market competitiveness in Tibet, which has become a major domestic base for Zijin [4][6][8] - **Future Production Goals**: Zijin plans to achieve production targets of 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc, and 40,000 tons of lithium carbonate by 2025 [4][7] Market and Regulatory Challenges - **US Sanctions**: The company expressed surprise at being included in the US sanctions list concerning Xinjiang, asserting there is no factual basis for the claims. While short-term operations remain unaffected, long-term impacts on downstream customers are a concern [4][10] Competition and Asset Management - **Addressing Potential Competition**: Zijin plans to resolve potential competition issues with Zangge Mining through asset integration and management strategies, pending regulatory approval [4][9] - **Investment in Gold Projects**: Zijin continues to seek acquisition opportunities in the gold sector, despite challenges due to rising gold prices [4][13] Production and Project Updates - **Kamoa Project**: The Kamoa project faced production challenges due to power shortages, with a target of 530,000 to 580,000 tons for 2025 [4][18] - **Capital Expenditure**: The company plans approximately 20 billion yuan in capital expenditure for 2024-2025, focusing on lithium and copper projects [4][19] Financial Structure and Debt Management - **Debt Management**: The company aims to reduce its debt ratio from approximately 55% to below 50% in the future, supported by strong cash flow capabilities [4][22][21] - **Financial Optimization**: Zijin has optimized its financial structure through the issuance of convertible bonds, reducing financial costs and supporting expansion plans [4][20] Resource and Cost Outlook - **Lithium Resource Assessment**: Current lithium resource evaluations are pending formal announcements, with cost management strategies in place to optimize production costs [4][23]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | 股 ...

Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [6] Core Views - The company is expected to achieve a significant increase in net profit for 2024, estimated at approximately 32 billion yuan, representing a year-on-year growth of 51.5% [1] - The company benefits from rising copper and gold prices, with production capacity being rapidly released, particularly in copper and gold [1][2] - The company has set production guidance for 2025, targeting 1.15 million tons of copper, 85 tons of gold, and 450 tons of silver, among other minerals [2] - The company is well-positioned to benefit from macroeconomic trends, including increased domestic demand and favorable policies [3] Summary by Sections Financial Performance - For 2024, the expected revenue is 318.2 billion yuan, with a net profit of 32 billion yuan, and an EPS of 1.20 yuan [5] - The projected net profit for 2025 is 37.35 billion yuan, with a corresponding P/E ratio of 11.3 [4][5] Production Capacity and Growth - The company has rapidly increased its production capacity, achieving 1.07 million tons of copper and 73 tons of gold in 2024 [1] - Key projects contributing to growth include the Kamoa project and various gold mine expansions [2] Market Outlook - The report anticipates continued upward pressure on copper and gold prices due to macroeconomic factors and supply constraints [3] - The company is expected to maintain its growth trajectory, supported by ongoing projects and favorable market conditions [4][3]

Investment Rating - The report indicates a positive investment outlook for Zijin Mining, with a projected net profit of 32 billion for 2024, representing a 51.5% increase compared to the previous year [2]. Core Insights - The core growth logic for Zijin Mining is attributed to both volume and price increases in key metal commodities, particularly gold and copper [2]. - The company has set production targets for 2024, with copper production expected to reach 1.07 million tons, a 6% increase from 2023, and gold production projected at 73 tons, a 7.4% increase [2]. - Zijin Mining's acquisition of a 24.82% stake in Zangge Mining for 13.7 billion is seen as a strategic move to enhance its resource portfolio, particularly in potassium and lithium [10][11]. Summary by Sections Production and Pricing - Gold prices have seen significant increases, with annual growth of approximately 28% in London and around 30% domestically, while copper prices have risen by 2.6% [4][7]. - The production targets for 2025 include 1.15 million tons of copper and 85 tons of gold, indicating a continued growth trajectory [8]. Resource Acquisition - Zijin Mining's acquisition of Zangge Mining is part of a broader strategy to enhance its resource base, which includes significant potassium and lithium reserves [10][11]. - Zangge Mining is recognized as the second-largest potassium fertilizer producer in China, with a current production capacity of 1.1 million tons per year from the Chaka Salt Lake project [14]. Financial Performance - The report highlights that Zangge Mining's profitability is heavily reliant on its stake in the Xizang Julong Copper Mine, contributing significantly to its net profits [18].